Shopify (TSE:SHOP) Hits New 1-Year High – Time to Buy?

Shopify Inc. (TSE:SHOP) shares hit a new 52-week high during mid-day trading on Tuesday. The company traded as high as C$254.70 and last traded at C$254.25, with a volume of 403,580 shares. The stock had previously closed at C$243.83.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on the company. ATB Cormark Capital Markets increased their target price on Shopify from C$240.00 to C$260.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. TD increased their price objective on Shopify from C$159.00 to C$175.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Three research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, Shopify presently has a consensus rating of “Moderate Buy” and a consensus price target of C$198.00.

Shopify Price Performance

The company’s 50-day moving average is C$204.90 and its 200-day moving average is C$176.53. The company has a debt-to-equity ratio of 1.40, a current ratio of 5.35 and a quick ratio of 5.74. The firm has a market capitalization of C$325.69 billion, a price-to-earnings ratio of 171.03, a PEG ratio of 0.87 and a beta of 2.16.

Shopify Company Profile

Shopify provides essential internet infrastructure for commerce. Shopify’s all-in-one platform makes it easier to start, run, and grow a business, powering sales online, in-store, and everywhere in between. Millions of businesses in 175+ countries use Shopify-from entrepreneurs to brands like Aldo, BarkBox, Carrier, Meta, Vuori, SKIMS, and Supreme.